Negotiation Skills for Business Success

This assignment delves into the significance of negotiation skills for businesses. It emphasizes how effective negotiation practices enable firms to thrive by fostering strong relationships, securing favorable deals, and optimizing resource utilization. The text highlights a step-by-step process for implementing successful negotiations, stressing the importance of concise and impactful pitches. It also underscores the need for thorough pitch evaluation to identify potential issues and manage associated risks. Furthermore, the assignment stresses the value of efficiently utilizing all available funds and resources to enhance operational efficiency and meet customer needs.

Pitching and Negotiating
skills

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Determine negotiation and its major stakeholders of its process......................................1
M1 Rationale for negotiation process and various steps for negotiation process..................2
D1 Steps of negotiation process and solutions for deal with issues.......................................3
TASK 2............................................................................................................................................4
M2 RFP process and outline documentation required of breaching the terms of an agreement.4
D2 Evaluate the competitive tendering and contract process and make recommendations for
complete a successful tender..................................................................................................4
TASK 3............................................................................................................................................5
Covered in power point..........................................................................................................5
TASK 4............................................................................................................................................5
P6 Potential outcomes of a pitch............................................................................................5
M4 Recommend the ways an organisation can fulfil post pitch obligations..........................7
D4 Determine potential issues and risk management.............................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
................................................................................................................................................9

INTRODUCTION
Various types of entities operate in today's business environment and offer different type
of products to its customers for satisfy their needs. For achieve success, it is very essential for an
individual to have negotiation and pitching skills (Cremades, 2016). One of the main benefit of
this is that it help in win contracts as per specific terms and conditions in the favour of business.
Mainly this concept is effective for medium and small firms as this support them in offer
featured products and services to all its clients. Further this help in create and maintain good
relations with workers which help in get their support for attain end objective. M&S (Marks &
Spencer) is a British multinational firm and is specialised in selling home products, clothing and
food products. Process of negotiation and main stakeholders of this process is all detailed in this
report. Various steps involve in the process of negotiation and solutions for deal with the issues
that can arise during negotiation is all given in this. In addition to this, pitch process in an
organisation and consequences of breaching the agreement is all mentioned in this report.
TASK 1
P1 Determine negotiation and its major stakeholders of its process
Negotiation is known as a formal discussions that take place between two people or
parties that have different objectives and aims in case of business and both of them try to reach
on agreement (Dlačić, Damnjanović and Ribarić, 2017). Mainly this is known as a process in
which various efforts are done by both parties to resolve the issues and come to a mutual
solution. This concept is use to resolve business problems and eliminate factors that create
obstacles in business process. Further different elements that are essential for communicate with
other individuals is also used. All this help in bring transparency between all parties involve in
communication process and reduce the ground of arise conflicts. Negotiation process that can be
use by M&S to deal with problems and issues can be understood by following points:
Reduce conflicts: Leaders work in organisation face various type of issues while
communicate with employees and to get a competitive position in market. To deal with such kind
of issues firm require to develop effective strategy. Managers of firm remain responsible to
examine the performance of employees on continuous as this help in identify the various factors
that results in conflict among employees. This help in ensure effective working of employees
which provide competitive benefit to entity.
1

Create win-win situation: In large organisation large number of employees work with
their own culture and beliefs which affect the way of their thinking and working. Different
methods are their which can be use by firms to achieve set goal and objective. One of the main
benefit of concept of negotiation is that it help in find appropriate solution as per the situation
exist at workplace.
Build up respect: For maximise employee's contribution in company's success, it is very
essential for manager to develop and provide them healthy work environment. Further, manager
require to treat all employees with equal respect and dignity (Hill, 2017). For this, management
of M&S encourage to collect feedback from all employees as this make the manager inform
about various problems and issues face by workers at workplace. All this help in eliminate issues
that decrease worker's productivity at workplace. Proper negotiation skills are use by manager to
maintain good relations with customers.
Different mind set: Various workers work in an organisation and every employee has its
own thinking style and decision making ability. All this affect their style of working and
sometimes this results in conflicts among all employees. In given case study, both PA and
manager have different minds relate with the terms of pay scale and this is creating a problem to
them to effectively interact with each other. In this case concept of negotiation is use to get a
solution (Myers, 2017). With this, both can work with each other in an effective manner.
Overall negotiation is a effective concept for an organisation, as this help in find a mutual
solution for a problem that decrease profits and productivity of entity. Further it support in create
and maintain a positive environment at workplace which support entity in achieve its set goals
and objectives.
M1 Rationale for negotiation process and various steps for negotiation process
Today, in large organisation million of employees work and perform their roles and
responsibility so company can achieve its set target. As every workers have different culture and
thinking style so this result in arise conflicts among workers while working together. In this type
of situation, concept of negotiation is known as an effective one this help in find effective
solution of problems exist at workplace. One of the main focus of M&S is to ensure optimum
utilisation of all available resources for offer good quality products to its customers. Conflicts
not only decrease employee's productivity but at the same time increase cost of business. In this,
concept of negotiation is use as this help in find a better and effective solution of conflict. Major
2

steps involve in the process of negotiation that require to be follow to resolve conflicts are as
follows:
 Preparation
 Participation of other individuals
 Close the negotiation
 Develop an alternative action plan
 Execute
All these steps are use by management of M&S to deal with the issues arise at workplace to
ensure effective completion of business activities.
D1 Steps of negotiation process and solutions for deal with issues
Negotiations is known as a process in which formal discussion take place between two
parties to solve business issues. In order to get desired results it is very essential to firm to follow
a step by step process of negotiation (O'brien, 2016). Process of negotiation follow by M&S to
get better results is given under the following points:
Step 1: In first stage of negotiation values of both parties is identified.
Step 2: In this values are formulated and created that are essential for transfer the information
related with the issue.
Step 3: Parties involve in the process of negotiation are consider to design further procedure.
Step 4: This is step in which negotiation is implemented for get mutual solution.
Step 5: This is known as the last step of negotiation process, in this every step in executed in an
effective manner for obtain better results.
All these are the major steps involve in the process of negotiation, this help in create and
maintain good relations with employees (Pyles, 2017). Mainly this process is use when more
than two parties are involve in the conflict and when every party is interested in the issue being
discussed. It is very essential for every firm to have effective and good negotiation skills. This
ensure effective handling of all issues. Situation of win win is better in case of organisation as
this help both parties in work together in better manner which provide large number of benefits
to entity.
3

TASK 2
M2 RFP process and outline documentation required of breaching the terms of an agreement
Before execute negotiation process, it is very essential to identify all the documents
require as this help in execute negotiation in an effective manner. Different processes and
methods are use by M&S to ensure effective execution of business activities by deal with issues
and factors in an effective manner. Main elements related the documentation with the process of
negotiation is given below under the following heading: Determination of recruitment: Various functions are perform by an enterprise in order to
produce better and featured products for all its customers (Schech, Skelton and Mundkur,
2016). For this company recruit large number of skilled candidates for perform various
job roles in enterprise so company can achieve its desired objective. In this process of
REP is use by business entity for fulfil the specific requirements of customers. Further
this help in fulfil needs of various merchandisers and stakeholders.
 Communication strategy: Communication is known as one of the most important aspect
of every enterprise as this help in interact with its suppliers, employees and customers.
Further this support negotiation and pitching skills require to carry out process of RPF
(Swartz, Amatucci and Coleman, 2016). In addition to this, it help manager in formulate
better and effective strategies which ensure optimum utilisation of company's resources.
Effective process and tools are use by M&S to interact with customers and employees.
 Evaluation criteria: This aspect support entity in determine the main elements and
factors that require to be consider during process of RPF. It support management to
overview the whole process and the major steps that can be follow by them to attain
desired ends.
By conduct a formal discussion about various aspects that support entity in achieve its set
goal firm can achieve success. Overall process of RFP is follow by Marks & Spencer to get
effective pitching ideas.
D2 Evaluate the competitive tendering and contract process and make recommendations for
complete a successful tender
Concept of contract management highlight the process use by business enterprises to
manage risk. In this all factors that decrease the productivity of firm or that create negative work
4

environment is all identified and eliminated. Various methods are there which can be use by
Marks & Spencer to manage risk and to maintain good relations with other firms. It is very
essential to execute all business activities in an effective manner. Contractual commitment that is
necessary to be use by M&S are as follows:
 Entity require to work on the basis of agreement or on rental contracts.
 Firm can merge its business operations with other businesses to get a effective position at
workplace.
For ensure completion of all business operations in time and to maintain good relations with all
parties related with business as this help in get desired outcomes. For working in partnership in
contractual basis various rules are there that require to be follow as this help in complete all tasks
in time. This also help in take right decisions related with negotiation.
Process of contract starts after the entity has finalised the award of contract. Mainly eight
steps are involve in the prices of contract which are: request,generate, negotiate, approval,
execute, search, comply and review.
Recommendation for writing a successful tender:
 Use the templated provided
 Structure the document of tender clearly
 Provide all useful information
 Address the selection criteria
 Choose right referees
 Proofreading of tender
 Submission of tender in time
TASK 3
Covered in power point
TASK 4
P6 Potential outcomes of a pitch
Identification and evaluation of all factors that affect the final outcome of project support
manager in formulate effective strategies. Investors play a big role in identify and examine the
factors to make investment decision. Outcomes used in the pitching can be understood by the
following points:
5

 Acceptance: Various factors are there that affect the activities and decisions of business
organisation (Teckchandani and Obstfeld, 2017). To survive in market and to satisfy the
needs of customers, it is very essential for firm to deal with al the changes that are
essential for pitching. Elevator pitch is a significant element, if an individual have an
ability to influence other individual then it either affect in positive or in negative way.
After that an individual take decision whether he/she want to invest capital in project or
not. After this, an agreement called no shop agreement take place which highlight that it
the given document is not profitable then there is no requirement to approach business
project in future. It is not essential that every person sign this agreement as this mainly
depends on the choice of firm whether they want individual to sign the agreement or not. Rejection: This factor is known as not beneficial for the project as in this, capital
investors reject the project or do not accept the project. This kind of situation arise when
methods and process use for communication are ineffective or fail to influence the
investor. For deal with this factor, it is very important for firm to identify and examine
the communication channels as this help in get acceptance of investors. No response: This factor is known as one of the significant element of pitch called
elevator pitch. Every single element should be present in an effective manner so that
individual may not get annoyed. Further this analysis help in take better decision and
support in achieve desired outcome. Formulation of proper plans and strategies is
necessary so firm can further examine its future project.
 Come back later: In this aspect, business need to evaluate such activities which have
greater significance on working. Although, business need to determine and estimate such
aspects which enable and facilitate in managing things better so that signified outcome
could be drawn. If managers of a company found that appropriate and beneficial gains
are not estimated in a better frame then they required to implement and utilise beneficial
attribute which further assist in drawing beneficial position at market world as well as to
gain customer loyalty in order to enhance better and signified outcome. In this aspect,
better and determined resources required to purchase by a company so that they could
execute things better which further enable in managing plans better and implement them
in an effective manner. This need to understand by Marks and Spencer properly through
6

which they could manage their working in an appropriate frame as well as gain
consumer back in the field.
M4 Recommend the ways an organisation can fulfil post pitch obligations
Pitching is define as one of a best and better source through which a firm can improve
their working and determine best solution for a definite problem. This enable and support in
resolving various aspects in a better frame so that effectiveness and efficiency could be maintain
and manage (Wertheim, 2016). A business association need to implement the pitching process in
a better and signified manner so that they could facilitate and determine the work better so that
effectiveness and efficiency could be maintain and manage.
In this regards, a better and signified procedure need to followed down which could be
assess in terms of post pitching. Post pitching is a process which used to take place when actually
the concern things used to take place. Thus, this enable business to accomplish their working
abilities in a define manner. Post pitching is a process which enable in manage the business
operations properly through better performance working so that all define targets could be
accomplish in a specific time duration.
It is vital that Marks and Spencer is giving appropriate documentation to partners with the
goal that it can be comprehended by them by them in a successful way. For doing this in a proper
way gatherings and workshops ought to be directed with the goal that organization can tell about
the mission and vision of their association before partners and speculators.
Therefore, before defining the systems and plans it is fundamental that every one of the
variables and components are taken into contemplations with the goal that they can fulfil their
financial specialists appropriate on time. Thus a sound connection can be kept up for a more
drawn out time frame.
D4 Determine potential issues and risk management
The fundamental and critical strategy that is utilized by the vast majority of the
association is Elevator contribute as it help them finishing the errand in particular restricted time
allotment. In this manner, Marks and Spencer is deciding different variables like creating an ever
increasing number of incomes, enhancing in development of generation and so forth., henceforth,
by using every one of these assets they are empowering them in conveying best quality items.
Further to make predominant items it is essential that every one of the assets are enhanced in a
superior way which incorporates human asset, capital, apparatuses, supplies and some more.
7

Other than this, Marks and Spencer is giving appropriate preparing programs keeping in
mind the end goal to expand the aptitudes and information of their representatives so they can
give powerful outcomes for the same. All such define risk and potential problems required to
manage in a determined frame so that beneficial and effective attribute could be drawn. This will
result in proclaiming beneficial outcome in nature so that effectiveness and efficiency could be
maintain and manage in working. This support in defining better pitching sources so that
effectiveness could be promoted in a define course of frame. Such issues could be deal out while
crafting beneficial strategy in frame so that effective and determined outcome could be drawn.
CONCLUSION
From the above given information, it can be summarised that effective pitching and
negotiation skills provide various benefits to firm. This support entities in perform in an effective
manner and at the same time provide support to complete business project. These skills support
manager in formulate better policies to guide employees in adequate manner, all this support
firm in maintain a competitive position in market. Step by step process should be use by firm to
implement negotiation. Before present a pitch to final audiences, it is very essential that it should
be concise but at the same time should be effective as this help in get competitive benefit.
Evaluation of pitch is very essential as this help in identify the potential issues and support in
manage risk related with the project. Further, all available funds and resources of entity should
be optimum utilise as this enhance efficiency and help in satisfy the needs of customers.
8

REFERENCES
Books and Journals
Cremades, A., 2016. The art of startup fundraising: pitching investors, negotiating the deal, and
everything else entrepreneurs need to know. John Wiley & Sons.
Dlačić, J., Damnjanović, V. and Ribarić, I., 2017. Improving learning through case study
competitions: Challenges for teachers and students. Ekonomski vjesnik/Econviews-
Review of Contemporary Business, Entrepreneurship and Economic Issues. 30(1).
Hill, P., 2017. Agent extinction: Hype versus reality. Journal (Real Estate Institute of New South
Wales). 68(4). p.32.
Myers, K., 2017. The Aspiring Female Health IT Executive. The Handbook of Continuing
Professional Development for the Health IT Professional. p.197.
O'brien, J., 2016. Negotiation for Procurement Professionals: A Proven Approach that Puts the
Buyer in Control. Kogan Page Publishers.
Pyles, D. G., 2017. A social semiotic mapping of voice in youth media: the pitch in youth video
production. Learning, Media and Technology. 42(1). pp.8-27.
Schech, S., Skelton, T. and Mundkur, A., 2016. Building relationships and negotiating difference
in international development volunteerism. The Geographical Journal.
Swartz, E., Amatucci, F. M. and Coleman, S., 2016. Still A Man'S World? Second Generation
Gender Bias In External Equity Term Sheet Negotiations. Journal of Developmental
Entrepreneurship. 21(03). p.1650015.
Teckchandani, A. and Obstfeld, D., 2017. Storytelling at its best: Using the StartUp podcast in
the classroom. Management Teaching Review. 2(1). pp.26-34.
Wertheim, E. G., 2016. The Truth about Lying: What Should We Teach About Lying and
Deception in Negotiations: An Experiential Approach. Business Education Innovation
Journal. 8(2).
Online
Negotiation. 2018.[Online] Available through<http://www.investinganswers.com/financial-
dictionary/businesses-corporations/negotiation-6040>./
9